Court : Punjab and Haryana
Reported in : (2009)225CTR(P& H)261; (2009)156PLR215
..... the governor general in council in exercise of power conferred on him under section 60 of that act itself. the 1922 act was amended by finance act, 1955 whereby sub-section (3) to section 14 was inserted thereto and the exemption provision was made very wide. amendments were made to the aforesaid provision by finance act, 1960. the amendment curtailed the general exemptions which were enjoyed by co-operative ..... shall apply to that part of its profits and gains as is attributable to such activities and as exceeds fifteen thousand rupees.12. the finance (no. 2) act, 1967 amended the 1961 act w.e.f. 1st april, 1968 wherein section 80p was introduced by replacing section 81(i), which provided for deduction with respect to income of the co-operative societies. sub-clause (iii) of .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1981]131ITR336(P& H)
..... expand the scope of the restriction imposed by this sub-section so as to take in any expenditure incurred by an assessee in granting an entertainment ..... to curb and curtail unlimited business hospitality at the cost of the public exchequer. it failed to notice the high water mark of the insertion of sub-section (2b) by the finance act of 1970, by which a blanket bar was sought to be placed against the allowance of expenses 'in the nature of entertainment expenditure', even though, ..... the case of companies, this sub-section also specifies the maximum allowable expense in the nature of entertainment expenditure in the case of other assessees also on a slab basis. the third step later taken by parliament was by the finance act of 1968 which added an explanation to sub-section (2a) of section 37 the effect of which was to .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1966]59ITR158(P& H)
..... made on or after the 1st day of april, 1960, and this very date was, as mentioned above, repeated in section 138 of the income-tax act, 1961, as also in sub-section (1) of section 138 as inserted by the finance act, 1964. the finance act came into force on the 1st day of april, 1964, and it is conceded by mr. awasthy that on account of ..... by the learned counsel for the petitioner, there does not appear to be any cogent reason for thinking that the modified priviledge, which the legislature has introduced by section 33 of the finance act, 1964, ammending section 138, should have been intended to apply only to the assessments made on or after the 1st day of april, 1960, and leave the income-tax records .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1973]90ITR191(P& H)
..... time limit was prescribed for retaining the account books by the income-tax officer. thereafter, by virtue of the finance act, 1964, section 132 was amended. under the amended section, sub-section (2) was added which provided that the account books or other documents seizedtinder sub-section (1) shall not be retained by the inspecting assistant commissioner or the income-tax officer for a period exceeding ..... will be useful for, or relevant to, any proceedings under this act. ' thereafter, parliament enacted the finance act of 1964 (act no. 5 of 1964) with effect from april 28, 1964, and section 30 thereof substituted a new section for section 132 of the principal act, respecting the powers of search and seizure. sub-section (2) of the substituted section reads as under :' 132. (2) the books of account or .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1998)144CTR(P& H)73
..... sale of the land, that is, by conversion of the land into cash. the resultant income is not agricultural income. the explanation inserted in s. 2(1a) by the finance act, 1989, w.e.f. 1st april, 1970, makes the position clear when it declares that revenue derived from land shall not include and shall be deemed never to have included ..... qualify for such exemption, it is not enough that the land was once agricultural land. it must be agricultural land even at the time of sale or transfer. by the finance act, 1970, w.e.f. the asst. yr. 1970-71, certain specified lands situate in urban areas or semi-urban areas were brought within the definition of capital asset. ..... ) specifically differed with the view taken by the bombay high court in manubhai a. sheths case (supra) and held that the explanation inserted in s. 2(1a) by the finance act, 1989, w.e.f. 1st april, 1970, has brought about a change in the law and after that date, the sale made of certain specified agricultural lands situated in the .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2008)217CTR(P& H)129; 2008[10]STR229; [2007]13STT67; (2009)19VST382(P& H)
..... on payment of commission basis would net amount to providing services as 'clearing and forwarding agent', within the meaning of the definition of that expression under section 65(25) of the finance act, 1994.16. while reaching to this conclusion the tribunal has observed that the expression 'directly or indirectly' and 'in any manner' occurring in the ..... tax as per above notification and govt. circular. the cbec vide circular no. 341/11/98-tru, dated 23-8-1999 clarified as under:that section 68(2) of finance act, 1994 inter alia provides for payment of service tax by a person other than the person providing taxable service. in respect of services rendered by ..... rendered by him as commission agent of m/s. ipcl under both the agreements. counsel for the appellant has placed reliance on the language of section 65(23) of the finance act, 1994 which defines the 'clearing and forwarding agent' as under:clearing the forwarding agent means any person who is engaged in providing any service, .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2009)226CTR(P& H)567
..... or not containing soap.21.synthetic detergents.it would however be pertinent to mention that item nos. 20 and 21 extracted hereinabove were omitted from the eleventh schedule by the finance act, 1981, with effect from 1-4-1982. for projecting the case of the revenue, learned counsel for the applicant has relied upon item no. 4, whereas for projecting ..... plant hired by the assessee, the actual cost thereof as in the case of the owner of such machinery or plant. a perusal of the aforesaid sub-sections of section 32a of the act makes it abundantly clear that a deduction of 25 per cent of actual cost towards machinery or plant by an assessee (as in the instant case) was ..... and the business so carried on is for the time being approved for the purposes of this clause by the central government.explanation--for the purposes of this sub-section and sub-sections (2b), (2c) and (4)--(1)(a) new ship or new aircraft includes a ship or aircraft which before the date of acquisition by the assessee was used .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2007)213CTR(P& H)15; (2007)9VST700(P& H)
..... services rendered by the assessee-respondent do not fall in any of the category specified in the definition of 'business auxiliary service' as per sub-section (19) of section 65 of the finance act, 1994. the argument raised by the revenue is that the activity carried out by the assessee-respondent amounted to promotion or marketing of service ..... amounting to rs. 6,15,631 should not be demanded from them under section 73(b) of the finance act, 1994. the show cause notice also contemplated as to why penalty should not be imposed upon them under sections 75a, 76 and 77 of the act for failure to get itself registered and for non-payment of service tax ..... element of promotion or marketing provided by the assessee-respondent to the principal client and, therefore, the activities of the assessee-respondent are covered by section 65(19)(ii) of the act. according to the learned counsel, by virtue of the activity of the assessee-respondent drawing samples of blood, urine and stool, etc., they end .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2006)205CTR(P& H)457
..... (1)(iii) or 37 cannot be claimed which stands clarified by the insertion of the proviso therein under the finance act, 2003. as such the assessee cannot claim any benefit of section 36(1)(iii) or section 37 in this case. the learned tribunal was right in holding against the assessee.10. recently this court had dismissed the appeal of the ..... expenditure to be added to the cost of asset.6. section 43 of the act defines certain terms relevant to determine the income from business or profession. sub-section (1) thereof provides the definition of actual cost of an asset. explanation 8 to section 43(1) of the act was added by the finance act, 1986 w.e.f. 1.4.1974. the object ..... of the said amendment as contained in the finance bill, 1986 as it appeared in [1986] 158 itr 88 is as under:under the existing provisions of clause (1 .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1996)136CTR(P& H)101; [1996]221ITR892(P& H)
..... 1986, with effect from october 1, 1986. section 269rr provides that chapter xx-a will not apply in relation to transfer of any immovable property after september 30, 1986.7. ..... under section 269d, the proceedings will be dropped if the apparent consideration of the immovable property is below rs. 5 lakhs.' 6. chapter xx-a of the act was made inapplicable in relation to transfer ' of any immovable property after september 30, 1986, and a new chapter xx-c was introduced in the act by the finance act, ..... dated may 16, 1986. subject: acquisition of immovable properties under chapter xx-a of the income-tax act, 1961-guidelines-regarding. the finance bill, 1986, has proposed that no proceedings shall be initiated under section 269c of the income-tax act, 1961, in respect of a property transferred after the 30th day of september, 1986. the bill also .....
Tag this Judgment!